Pinnacle West Capital (NYSE:PNW) Issues FY24 Earnings Guidance

Pinnacle West Capital (NYSE:PNW) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.60-4.80 for the period, compared to the consensus estimate of $4.74.

Pinnacle West Capital Stock Up 1.0 %

Shares of NYSE PNW traded up $0.75 during trading on Friday, hitting $75.79. 1,042,561 shares of the company traded hands, compared to its average volume of 966,016. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.12 and a beta of 0.48. The business’s fifty day moving average is $72.41 and its 200 day moving average is $72.10. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The business had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. During the same period in the prior year, the business earned ($0.03) EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts predict that Pinnacle West Capital will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Analyst Ratings Changes

A number of brokerages have commented on PNW. UBS Group raised Pinnacle West Capital from a sell rating to a neutral rating and boosted their price objective for the stock from $68.00 to $71.00 in a report on Monday, March 11th. LADENBURG THALM/SH SH initiated coverage on Pinnacle West Capital in a research note on Wednesday, February 14th. They set a neutral rating and a $69.00 price objective on the stock. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $74.00 to $77.00 and gave the company an equal weight rating in a report on Friday. Citigroup initiated coverage on shares of Pinnacle West Capital in a research report on Monday, April 29th. They issued a neutral rating and a $78.00 price objective for the company. Finally, Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of Hold and a consensus price target of $73.67.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.